Question

Asked Sep 10, 2019

For the pair of supply-and-demand equations, where *x* represents the quantity demanded in units of 1000 and *p* is the unit price in dollars, find the equilibrium quantity and the equilibrium price.

2x + 7p − 56 = 0 and 3x − 11p + 45 = 0

equilibrium quantity | units | |

equilibrium price | $ |

Step 1

For finding the equillibrium quantity and equallibrium price, solve the both equation and find the value of p and x from equation,

Step 2

Multiplying by 3 in equation (1) and by 2 in equation (2) and on solving,

Step 3

Putting value of p in...

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